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2018 (3) TMI 49 - AT - Income TaxPenalty u/s 271(1)(c) - eligibility of notice u/s 274 - non specify which limb of Section 271 (1)(c) of the Act, the penalty proceedings had been initiated - Held that:- It is evident from the notice u/s 274 r.w.s. 271 of the Act dated 28.03.2013 for the impugned year that the Assessing Officer has not specifically specified as to under which limb of Section 271(l)(c) of the Act, the penalty proceedings had been initiated by him, i.e., whether for concealment of particulars of income or furnishing of inaccurate particulars of income. The Hon’ble High Court of Karnataka in the case of CIT vs. Manjunatha Cotton & Ginning Factory, (2013 (7) TMI 620 - KARNATAKA HIGH COURT) has held that notice un/s 274 should specifically state the grounds mentioned in Section 271(l)(c), i.e., whether it is for concealment of income or for furnishing of inaccurate particulars of income. Sending printed form where all the ground mentioned in Section 271 are mentioned would not satisfy requirement of law.- Decided in favour of assessee.
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